A STUDY OF THE IMPACT OF BRAND IMAGE AND BRAND EQUITY ON CUSTOMER LIFETIME VALUE

Abstract

The research evaluates the impact of brand image and brand equity on customer lifetime value.  A unified brand image builds consumer trust which helps firms achieve elevated product pricing and high brand equity. An effort is made to understand how strong brand equity and positive brand image direct consumer choice in the long run. This study examines how perceived brand quality, brand loyalty, brand awareness and brand association help in enhancing brand equity and customer lifetime value. Research shows that excellent brand reputation operates to improve customer loyalty and boosts revenue through higher sales and market share. Strategic branding practices of successful brands like Apple, Nike and Samsung support competitive market standing and customer trust. Companies need to contemporise their brand image through various efforts to enjoy high long-term returns and customer loyalty. The analysis suggests that companies should plan their marketing efforts and direct their resources to ensure customers stay associated with them for longer periods. The findings prove that marketers need to be judicious in allocating their resources to marketing activities which can help improve brand loyalty and brand association for better customer lifetime value. One of the limitations is that the study restricts itself to secondary data. Future research can be undertaken by incorporating mixed methods to understand the impact of brand equity on CLV. Mathematical models can be used to assess the impact of different components of brand equity on customer lifetime value. Future direction can also include other factors like marketing efforts and investor trust in assessing the CLV of a brand.